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Market Snapshot: Rates Recover Tentatively, But Risks Remain

  • Turkish rates have recovered slightly today after remaining under selling pressure yesterday.
  • TurkGB yields stand -13-35bp lower across the curve, while USD bond yields are down -5.4-11bp with the curve bull steepening.
  • Nevertheless, Turkey’s major commodity & supply chat exposure to both Ukraine and Russian, coupled with its deeply negative real yields and negative net reserve position leaves its economy vulnerable to a more protracted conflict.
  • USD/TRY trades +0.37% higher, just shy of the 14.00 level within a narrow range (13.80-13.9631)* the XU100 index stands +1.46% higher, having retraced 8% higher since the 24 Feb lows at 1,826.83.
MNI London Bureau | +44 020-3983-7894 |
MNI London Bureau | +44 020-3983-7894 |

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